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NEOM hails transformational year

NEOM has described 2020 as a transformational year after its total sales climbed by 84% to £28.9 million due to a successful programme of product innovation… View Article

HEALTH & BEAUTY

NEOM hails transformational year

NEOM has described 2020 as a transformational year after its total sales climbed by 84% to £28.9 million due to a successful programme of product innovation and a near tripling of online sales.

In addition, the wellbeing brand increased its active customer base by 120% and saw a 204% increase in total customers placing an order.

Meanwhile, EBITDA rose significantly to £4.9 million from £0.4 million in the prior year. Own ecommerce sales grew by 180% as online represented 80% of sales.

During the period, NEOM launched a number of new products including its Clean & Happy Hand Sanitiser Gels and Sustainable Hand Washes & Lotions. As well as expanding digitally, the brand opened its latest ‘wellbeing hub’ retail store in space near to London’s Liverpool Street Station and enhanced its environmental credentials through the launch of new and more sustainable packaging for a number of products.

Oliver Mennell (pictured), chief executive of NEOM, said: “We’re delighted to report a transformational 2020 for NEOM. We have delivered significant increases in revenue and profitability, driven by further growth in D2C and digital sales as well as continued successful product innovation.”

Giving an update on the first half of the new financial year, NEOM said sales were up more than 60% against strong 2020 comparatives as growth continues to be underpinned by ongoing digital expansion, increased demand for wellbeing products, and product innovation. The brand has recently launched its NEOM Pod Mini compact diffuser that is suitable for use in smaller spaces such as the car or home office.

In addition, the brand’s five retail stores in Guildford, Leeds, Kildare Village and London’s Wimbledon and Liverpool Street have performed well when they have been able to operate outside of lockdown periods. NEOM is also partnering with a number of premium retailers to operate branded counters in their stores and is looking to expand further internationally.

Mennell added: “The NEOM brand has incredibly exciting growth opportunities supported by our relentless focus on new product development, accelerated consumer shifts towards digital and DTC channels, and international expansion opportunities to build on NEOM’s rapidly developing position in the US market and significant opportunities in other fast-growing wellbeing markets such as China.”

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